Solana News

Solana is taking a breather after a strong rally, now testing the crucial $195 support zone. Traders are watching closely to see if the bulls can defend this level and set the stage for a potential comeback. Solana Begins A Healthy Pullback After Recent Rally In a recent update, BitGuru highlighted that Solana (SOL) appears to be entering a healthy pullback phase following a sharp rally and partial recovery. This retracement is part of a natural market rhythm, allowing the asset to cool off after its recent burst of bullish momentum. Such pauses often serve as a foundation for more sustainable future growth, rather than signaling weakness. Related Reading: Historic Liquidation Event Highlights Solana Resilience Against Ethereum, Which Is Leading? While SOL's price is hovering around the $203 mark, it is also facing strong resistance near $210. The market structure remains constructive, with buyers still active, though slightly cautious after the recent volatility. Should bulls manage to hold their ground and push through $210, BitGuru suggested that Solana could target the $225-$230 region in the short term. Conversely, if the price fails to clear resistance and loses support, a brief consolidation between $190 and $210 could follow. Short-Term Bearish Momentum Takes Hold Below Key Averages In a recent post, crypto analyst BeLaunch shared insights on Solana's current price action, noting that the asset is showing signs of a short-term pullback following its strong rally. At the time of analysis, SOL's price was trading around $199.45, marking a 1.84% gain, though still below its daily high of $208.91. The move reflects a mild cooling period after an upward surge. Related Reading: Solana (SOL) Pushes Higher Again - Has It Finally Found Its Short-Term Bottom? From a technical perspective, the price of Solana has dipped below key moving averages, indicating a shift toward short-term bearish momentum. The asset is currently testing a key support zone near $195.53. However, BeLaunch observed that the recent decline came on lower trading volume, suggesting that selling pressure might be easing rather than intensifying. According to the analyst, Solana's structure points to a phase of consolidation rather than a full reversal. The price action appears to be forming a base after its breakout run, giving the market room to breathe before its next move.  BeLaunch concluded that a sustained hold above $195 could trigger a rebound, potentially setting the stage for Solana to retest higher resistance levels near $210 and beyond. Conversely, a breakdown below this level could lead to a deeper retracement. However, in the broader outlook, the current weakness may represent a healthy reset within a larger bullish structure rather than a bearish trend reversal. Featured image from Pixel Plex, chart from Tradingview.com